Collingwood Council received an update stating that the Town of Collingwood will have $31.5 million in external debt by December 31st. Manager of finance, Michael Switzer says the town is expected to see 11% of revenues going toward paying debt in 2017.
While the town has said they will not borrow any more money until they reach the debt servicing target, the decision to borrow is up to council.
Switzer’s report also outlines several projects that could be financed by borrowing, including the Sunset Point redevelopment and Waterfront Masterplan. Simcoe.com quotes Switzer who says that “debt should not be seen as a source of funding for these projects unless it is absolutely necessary.”